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Cancer Profiling Market Expected to Hit US$ 23.7 billion by 2031 | Growth Plus Reports

/EIN News/ -- Newark, New Castle, USA, March 23, 2023 (GLOBE NEWSWIRE) -- According to the recent study by Growth Plus Reports, the Global Cancer Profiling Market was valued at US$ 10.6 billion in 2022 and is expected to register a revenue CAGR of 10.54% to reach US$ 23.7 billion by 2031 during the forecast period from 2023 to 2031. The research describes the successful strategies, market trends, key drivers, growth opportunities, competitive landscape, market size, statistic figures, revenue forecasts, and key investment areas.

Key Takeaways:

  • The market revenue for cancer profiling is expected to grow due to technological advancements.
  • The high demand for personalized medicines to grow the market revenue exponentially.
  • Increasing use of biomarkers and next-gen sequencing to drive the market revenue growth.

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Cancer Profiling Market Scope

Report Attribute Details
Market size value in 2022 US$ 10.6 billion
Revenue forecast in 2031 US$ 23.7 billion
Growth Rate CAGR of 10.54% from 2023 to 2031
Base year for estimation 2022
Forecast Period 2023-2031
Historical Year 2021
Segments covered Cancer Type, Technology, Biomarker, Application and Region.
Regional scope North America, Europe, Asia Pacific, and the Rest of the World (ROW)

Market Drivers:

The increasing prevalence of cancer and increased awareness regarding cancer profiling methodologies to identify and treat cancer drive the global market revenue. Cancer Profiling is a potential strategy of based personalized medicine, which adapts cancer treatment for each patient based on genetic and molecular data and enables doctors to choose the best treatments for patients by determining congenital abnormalities and modifications, thereby improving results and minimizing adverse effects. Nevertheless, the market is hampered by a lack of access to testing samples, poor storage conditions, a rise in immunotherapy usage, and insufficient reimbursement scenarios.

Market Segmentation:

Growth plus reports have analyzed global cancer profiling market from perspectives such as cancer type, technology, biomarker, application, and region.

Cancer Type Segmentation:

Based on cancer type, the global cancer profiling market is segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma cancer, and other cancers.

The breast cancer segment dominates the global cancer profiling market with the highest revenue share. This rise in revenue share is due to the increasing prevalence of breast cancer and rising research and development on breast cancer for targeted therapies.

Technology Segmentation:

Based on the technology, the global cancer profiling market is segmented as immunoassay, next-generation sequencing, polymerase chain reaction, mass spectrometry, in-situ hybridization, microarrays, and other technologies.

The next-generation sequencing (NGS) technology dominates the global cancer profiling market with the largest revenue share. This large revenue share is attributed to the frequent use of NGS in genomic analysis and examination of genomic alterations and landscape of various DNA and RNA simultaneously.

Biomarker Segmentation:

Based on biomarkers, the global cancer profiling market is segmented into genomic biomarkers and protein biomarkers.

Genomics biomarker dominates the global cancer profiling market with the largest revenue share. This large revenue is attributed to a more precise and customized approach for cancer diagnosis, therapy, and follow-ups for personalized therapy.

Application Segmentation:

Based on application, the global cancer profiling market is segmented into research and clinical application.  

Research application segment accounts for the largest revenue share in the global cancer profiling market. This segment is further sub-segmented into biomarker discovery and personalized medicine. This high revenue share is attributed to several advantages, such as identifying genetic mutations that can inform treatment decisions and predict patient outcomes.

Regional Growth Dynamics:

Based on the region, the global cancer profiling market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America dominates the cancer profiling market with the largest revenue share, followed by Europe. The prevailing disease, rising investment in diagnostics R&D, and ongoing mergers and acquisitions among companies contribute to regional revenue growth.

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Competitive Landscape:

The prominent companies operating in the global cancer profiling market are:

  • Illumina Inc.
  • NeoGenomics, Inc.
  • Sysmex Corporation
  • HTG Molecular Diagnostics
  • Predictive Oncology, Inc.
  • Caris Life Sciences
  • NanoString Technologies, Inc.
  • Shimadzu Corporation

Many businesses place a focus on developing strategies, including new product launches, product approvals, and other components like patents and events. Acquisition, partnership, and collaboration activities were viewed by the market as inorganic development strategies. By these activities, commercial opportunities for the future have been expanded, and the global market for cancer profiling has increased in demand.

Recent Developments:

  • In May 2022, therascreen® EGFR Plus RGQ PCR Kit, a new in-vitro diagnostic tool for detecting activating and resistant EGFR mutations, was introduced by QIAGEN with C797S detection to aid in the treatment of non-small cell lung cancer (NSCLC).
  • In January 2022, to jointly develop in vitro diagnostic (IVD) tests for oncology testing, Illumina and Agendia N.V., a global leader in precision oncology for breast cancer, began working together to increase the use of next-generation sequencing (NGS) for distributed cancer diagnostics.

Table of Content

    1. Market Ecosystem
    2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
    3. Currency Used in the Report
    1. Research Approach
    2. Data Collection Methodology
    3. Data Sources
      1. Secondary Sources 
      2. Primary Sources 
    4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
    5. Market Forecasting Model
    6. Limitations and Assumptions
    1. Current Market Trends (COVID-19 Perspective)
    2. Key Players & Competitive Positioning (2022)
    3. Regulatory Landscape
    4. Reimbursement Scenario
    1. Drivers
    2. Restraints/Challenges
    3. Opportunities
    1. Breast Cancer
    2. Lung Cancer
    3. Colorectal Cancer
    4. Prostate Cancer
    5. Melanoma Cancer
    6. Other Cancer            
    1. Immunoassay 
    2. Next Generation Sequencing 
    3. Polymerase Chain Reaction
    4. Mass Spectrometry
    5. In-Situ Hybridization 
    6. Microarrays
    7. Others

TOC Continued...

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